Some users began noticing the arrows have gone missing, in which Matt from Google replied:

We've removed the keyboard navigation arrow from the default search experience. But don't fear! This feature is still available by pressing "Tab" after performing a search. This change is part of the clean and simple redesign of our search results page.

Honestly, I still see the arrows and I think Google may have changed their mind and put the arrows back after these few complaints. I am not a 100% sure, but I am pretty sure Google may be keeping them and not dropping them, despite what Matt (not Cutts) said from Google.